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June 11, 2019
Expands broad product and service capabilities through agreement with Velocity Composites plc
VALENCIA, Calif., June 11, 2019 (GLOBE NEWSWIRE) -- Wesco Aircraft Holdings, Inc. (NYSE: WAIR), the world’s leading independent distributor and provider of comprehensive supply chain management services to the global aerospace industry, today announced that it is expanding its product and service offering to include composite management services. This unique offering brings advanced composites with significant value-added services that include highly engineered kits delivered on a just-in-time basis to the company’s existing and expanding customer base.
Wesco Composite Management Services will offer process materials and structural pre-impregnated (prepreg) engineered kits to customers in North America through an agreement with Velocity Composites plc, a leading supplier of advanced composite materials kits to the aerospace and defense industry. The company also has the opportunity to partner with Velocity in Europe and Asia Pacific to increase value-added services to its global customers.
The addition of composite materials complements Wesco’s already broad portfolio of aerospace products and services, which includes C-class hardware, chemicals and electronic components. Wesco will deliver fully scalable solutions, utilizing its premier logistics, warehousing and supply chain solutions and Velocity’s custom kitting process through point-of-use delivery. The newly formed partnership will invest in a state-of-the-art clean room and utilize Velocity’s proprietary nesting technology within Wesco’s U.S. distribution network.
Declan Grant, Wesco Aircraft’s executive vice president and chief commercial officer, said, “Wesco Composite Management Services will enable us to take advantage of an expanding market opportunity and deliver an enhanced value proposition for our customers. We will provide complete solutions from procurement to inventory optimization, engineered kit supply, just-in-time delivery, quality inspection, on-site support, regulatory reporting support, expiration management and waste disposal. We believe this new offering will allow customers to benefit from reduced materials usage and waste, time and labor savings, shelf-life management and traceability, lower costs and improved operational efficiencies.”
The global aerospace composite materials market is expected to continue expanding at a high rate, driven largely by higher aircraft build rates, a multiyear aircraft backlog and an increasing composite content by weight in aircraft. Aircraft light-weighting with composite materials reduces cost per passenger mile, reduces emissions and enables ultra-long-range flight paths.
About Wesco Aircraft
Wesco Aircraft is the world’s leading independent distributor and provider of comprehensive supply chain management services to the global aerospace industry. The company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery, chemical management services, third-party logistics or fourth-party logistics and point-of-use inventory management. The company believes it offers one of the world’s broadest portfolios of aerospace products, including C-class hardware, chemicals and electronic components and comprised of more than 560,000 active SKUs.
To learn more about Wesco Aircraft, visit our website at www.wescoair.com. Follow Wesco Aircraft on LinkedIn at https://www.linkedin.com/company/wesco-aircraft-corp.
This press release contains forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning Wesco Aircraft Holdings, Inc. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of management, as well as assumptions made by, and information currently available to, management. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “allow,” “believe,” “continue,” “drive,” “expand,” “expect,” “increase,” “opportunity,” “will” or similar words, phrases or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the company’s control. Therefore, the reader should not place undue reliance on such statements.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: general economic and industry conditions; conditions in the credit markets; changes in military spending; risks unique to suppliers of equipment and services to the U.S. government; risks associated with the loss of significant customers, a material reduction in purchase orders by significant customers, or the delay, scaling back or elimination of significant programs on which the company relies; the company’s ability to effectively compete in its industry; risks associated with the company’s long-term, fixed-price agreements that have no guarantee of future sales volumes; the company’s ability to effectively manage its inventory; the company’s suppliers’ ability to provide it with the products the company sells in a timely manner, in adequate quantities and/or at a reasonable cost, while also meeting the company’s customers’ quality standards; the company’s ability to maintain effective information technology systems and effectively implement its new warehouse management system; the company’s ability to successfully execute and realize the expected financial benefits from its “Wesco 2020” initiative; the company’s ability to retain key personnel; risks associated with the company’s international operations, including exposure to foreign currency movements; changes in trade policies; the company’s dependence on third-party package delivery companies; fuel price risks; fluctuations in the company’s financial results from period-to-period; environmental risks; risks related to the aerospace industry and the regulation thereof; risks related to the company’s indebtedness; and other risks and uncertainties.
The foregoing list of factors is not exhaustive. The reader should carefully consider the foregoing factors and the other risks and uncertainties that affect the company’s business, including those described in Wesco Aircraft’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the Securities and Exchange Commission. All forward-looking statements included in this news release (including information included or incorporated by reference herein) are based upon information available to the company as of the date hereof, and the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Wesco Aircraft Holdings, Inc.